FROM THE NEXT GENERATION EU TO THE STABILITY AND GROWTH PACT REFORM: CONSTITUTIONAL IMPLICATIONS FOR THE EMU.

FROM THE NEXT GENERATION EU TO THE STABILITY AND GROWTH PACT REFORM: CONSTITUTIONAL IMPLICATIONS FOR THE EMU

Andrea Conzutti

Abstract (It): Il saggio, prendendo le mosse dall’assetto pre-pandemico della costituzione economica europea, esamina le recenti innovazioni introdotte nella governance economica con l’avvio del Next Generation EU e la revisione del Patto di Stabilità e Crescita. Sulla base di questa analisi, l’articolo si dedica alla seguente domanda di ricerca: di fronte alla crisi sanitaria da Covid-19, l’Unione economica e monetaria ha compiuto soltanto un temporaneo cambio di passo, dovuto alla contingenza emergenziale, oppure ha inaugurato un’effettiva inversione di paradigma destinata a consolidarsi nel tempo?

Abstract (En): The article, taking as its starting point the pre-pandemic order of the Economic and Monetary Union (EMU), examines the recent innovations introduced with the launch of the Next Generation EU and the revision of the Stability and Growth Pact. Based on this analysis, the article addresses the following research question: in the face of the Covid-19 health crisis, has the EMU made only a temporary change of pace, due to the emergency contingency, or has it ushered in an effective paradigm shift that is destined to be consolidated over time?

SOMMARIO: 1. Foreword. – 2. The economic paradigm of the Maastricht constitutional order. – 2.1. The Stability and Growth Pact. – 2.2. Conditional financial assistance during the sovereign debt crisis. – 3. The response to the Covid-19 pandemic: between the suspension of the Stability and Growth Pact and the launch of the Next Generation EU. – 4. The reform of the Stability and Growth Pact. – 5. Concluding remarks.